posted 9.21 a.m. et
Pre-open comment Thursday 10th November
In the dayframe analysis here you can see Aggressive Buying marked on Tuesday and Aggressive Selling marked the following day (Wednesday). That’s a rare pattern. The Aggressive Selling (red-at-bottom) marked yesterday implies lower but in this highly volatile, news driven market it is safer to rely on the implications of price location and look slightly longer term. On Wednesday ES tested down into the 35dy poc at 1224 and has found Support (ES has rallied as high as 1245 pre-open). Time printed below 1224 would suggest further weakness.
1st Level Resistance = 1249 (min 1/2R) (125.46 SPY)
1st Level Support = 1224 (35dy poc) (121.35 SPY)
ST Sentiment: My version of the Rydex Assets Ratio was down again slightly to 2.83. Monday’s ratio at 2.96 was a 65dy high. There’s no panic in yesterday’s number.
Supporting Charts (+ or – or ? for equities).
? EURUSD: On wednesday broke below the 1.3635 poc putting it in a very weak price location but has recovered today to print at that poc. Where this chart finds itself relative to that major poc over the next few days is critical to this analysis.
– Dollar Index: prints above the major level at 76.27 (1/2R off the May low) and above the 77.05 min poc.
? TLT: above the 5mnth poc at 114.56 but below the minor 1/2R off Oct high at 117.42.
imo these charts will align themselves positively or negatively for equities very soon. This will give a clear implication for the markets.
